US Treasury Secretary: Healthy relationship with China key priority at APEC

Yellen says bilateral engagements have moved 'along the right path'

US Treasury Secretary Janet Yellen said Monday that "responsibly managing the US-China economic relationship" has been a key priority during her time at the Asia-Pacific Economic Cooperation (APEC) forum in San Francisco.

The secretary made the remarks at a news conference following the conclusion of the 2023 Finance Ministers Meeting. She said she also had "a productive meeting" with Chinese Finance Minister Lan Fo'an earlier in the day.

"President Biden and I believe strongly in advancing the values we share with our allies and partners, in the Asia-Pacific and beyond, while also pursuing a healthy and stable economic relationship with China," Yellen told reporters. 

"Going forward, we hope to build on the foundation we've laid to further deepen communication, stabilize the relationship, and make progress on key policy issues," she said. 

Despite hard work ahead, Yellen said she believes US-China engagements have moved "along the right path".

She stressed the importance of engaging with APEC economies, saying the region, at the center of the global economy and the world's economic future, is important to strengthen the US economy and advance American interests.

She also said cooperation across APEC economies is key to tackling global challenges, including the urgent threat of climate change.

"Our joint work centers on unlocking the flow of sustainable finance, including through exploring ways to drive the development of credible climate commitments and to create effective and high integrity voluntary carbon markets," Yellen said of the Finance Ministers Meeting.

Last week, Yellen met with Chinese Vice-Premier He Lifeng. She told reporters that at the meeting she "conveyed the continued importance of maintaining resilient communication channels with China, including through the Economic and Financial Working Groups".

One of the meeting's focuses was "the need for joint work on global challenges". Yellen and her Chinese counterpart discussed specific areas where both sides can enhance cooperation on climate finance beyond co-chairing of the G20 Sustainable Finance Working Group.

"Beyond G20, there are areas in climate finance the two countries can cooperate on, such as providing funding resources for developing countries such as African countries and poor communities to allow access to renewable energy and accelerate the clean energy transition in these areas and regions, Fan Dai, director of the California-China Climate Institute, told China Daily. 

Another area for cooperation could be enhancing carbon emission disclosure requirements and aligning on climate-resilient investment guidelines that could help mobilize financial resources for climate initiatives, she said.